If $23=x^4+\frac{1}{x^4}$, then what is the value of $x^2+\frac{1}{x^2}$?
We begin by adding 2 to both sides of the equation, \begin{align*} 23&=x^4+\frac{1}{x^4}
\\\Rightarrow\qquad 25&=x^4+\frac{1}{x^4}+2
\\\Rightarrow\qquad 25&=x^4+2(x^2)\left(\frac{1}{x^2}\right)+\frac{1}{x^4}
\\\Rightarrow\qquad 25&=\left(x^2+\frac{1}{x^2}\right)^2
\end{align*}  So $x^2+\frac{1}{x^2}$ is equal to either $5$ or $-5$. Since $x^2+\frac{1}{x^2}$ is the sum of two squares, it cannot be negative.  So $x^2+\frac{1}{x^2}=\boxed{5}$.